Ethereum Classic Technical Analysis: ETC/USD pumps and re-enter the $4-zone

By December 21, 2019 Ethereum
Click here to view original web page at www.fxstreet.com
  • ETC/USD went up from $3.74 to $4.06 this Friday.
  • Hourly ETC/USD is currently trending in a downwards channel pattern.

ETC/USD daily chart

ETC/USD daily chart

ETC/USD daily chart was able to break past the resistance provided by the downward trending line and went up from $3.74 to $4.06 this Friday. The price was able to break above the resistance provided by the 20-day Simple Moving Average (SMA 20) but was unable to do so with the SMA 50. The Elliott Oscillator has had 23 green sessions of the last 25.

ETC/USD four-hour chart

The four-hour ETC/USD chart has found support at the upward trending line. The price broke above the green Ichimoku cloud and the 200-day Simple Moving Average (SMA 200) curve. Currently, the price has found resistance at the $4.12 line. The Moving Average Convergence/Divergence (MACD) indicates increasing bullish momentum.

ETC/USD hourly chart

ETC/USD was able to break above the 20-day Bollinger Band, indicating that it was overpriced. This corroborated by the fact that the Relative Strength Index (RSI) was hovering deep within the overbought (green) zone. However, the bears soon made a comeback, as evident by the downward channel pattern. The price re-entered the Bollinger band and the RSI indicator fell to 64, below the overbought zone.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Hourly ETC/USD is currently trending in a downwards channel pattern.

ETC/USD daily chart ETC/USD daily chart was able […]

Leave a Reply